economy
February 16, 2026
Visa's Olympics monopoly highlights Europe's payment headache
Under a sponsorship deal with the International Olympic Committee dating back to 1986 and extended to 2032, Visa is the sole card provider at the Games.
TL;DR
- Visa is the sole card provider at the official Olympic stores for the Milano Cortina Games due to a sponsorship deal.
- This situation reflects a broader European issue of foreign payment provider dominance and the fading use of cash.
- The European Central Bank plans to launch a digital euro in 2029 to enhance Europe's economic security and offer an alternative payment method.
- EU lawmakers are working on rules to make cash acceptance mandatory for shops and service providers.
- Despite the card dominance, cash is accepted at the Olympic stores, and ATMs are available.
- International card schemes like Visa and Mastercard account for two-thirds of card transactions in the euro area.
- The ECB's digital euro proposal faced legislative delays due to concerns about draining commercial bank deposits or displacing private payment systems.
- The ECB wants the digital euro to function both offline and online for retail and wholesale payments.
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